The Financial System I

Our present financial system has been evolved from the early days of barter trade up to the complex system of today.  The economics of the early days were actually a cashless financial system; however they were subjected to many flaws and primitive.  The financial system I am suggesting.  It is cashless financial systems with near perfection but required high-tech devices and gadgets.

Payments are made through one’s esense (refer supercomputer), it needs no plastic cards, no actual currency and any other forms except one’s mind ware or the brain cell transmitting frequency.  A new electronic device “econnect” is needed.  Our mind’s decision is picked up by the econnect.  Transactions are concluded, the prices and details are showed to the buyer by ways of iphone, ipod, cellphone and table top monitors. The buyer agreed and he needed not do anything, his brain frequency of his agreed decision is transmitted to the econncet.

The banking business carries on as usual except there are no counters to do the banking transactions, no ATM machines either.  All cash transactions are updated by the supercomputers by the time any cash payments are done at the point of sales.  There is no currency so there are no cash deposits.  Cheques are done by ways of postings by the supercomputer, there are no cash cheques, post dated are the only cheques issued.  Cash cheques would have done as cash payments.  All post dated cheques would have to apply to the bank. The bank will used their criterion to accept and allowed their cheques to be issued as posted cheques.   The bank is not responsible for any dishonest cheques or any claims from third party of the dishonest cheques.  It is the customers’ duties and responsibilities to make sure there is enough fund when the cheques are due. The application for posted cheque is needed; the bank will have to uphold their reputation as a reputable and responsible bank.

The payer requests the bank at his choice that he has an account with bank for cheques issue through the supercomputer.  The supercomputer will vet his financial status, forecasting the likelihood that he is able to make good of the posted cheques.  It is base on his pattern of past revenue and expenditure.  The projection is not so good; supercomputer will signal to him the results of forecasting.   He is still insisting, supercomputer will send his request to the bank with the forecast remarks attached.  His bank is willing to accept and posted cheques shall be issued by way of posting his account by the supercomputer.  The supercomputer will not update the payee’s account except posting a remark and waiting for the due date to mature. The cheque is good on due date.   Supercomputer does nothing but carry on the actual updating of both payer and payee accounts. The bank will have attached a remark as a plus credibility of the customer. Vice versa on the opposite, the payer will have a minus in the bank records as a minus credibility.

Credit cards are issued in the normal way, the bank will vet through by their sets of criterion when the bank receive the application from the supercomputer. There are no plastic cards or any other forms except a notification to the applicants by the supercomputer. All credit cards transaction is done the same way as cash transactions.

Promotions of banking products and financial products are done in the normal ways, the promoters are not getting applicants approved through their principals direct, and they have to go through supercomputer. Promotions by online sites is needed to go through the supercomputer

The foreign tourists needed to register and have a file with the supercomputer like local residents. They will go around the country and carry on any transaction like local residents. However, the supercomputer is only keeping the information from their passport, nothing more nothing less, plus any abnormal routines and any incidents conducted or done by them during their stay in the country and monitoring their financial status.

Foreign exchange is conducted the same as the present usual way except all transactions are go through the supercomputer, the LCs, Bas, TT, bill purchases and any other financial instruments for foreign trading. Selling and buying of hard currency are needed to go through the supercomputer, all hard currency are collected and surrendered to the counters from the country exit and entrance points and accounts are updated by the supercomputer. Naturally there is no local and foreign hard currency within the nation.

Money exchange merchant or the bank conducting the selling and buying of the hard currency, the foreign tourist would have been deposited their hard currency in their account kept by the supercomputer.  They are at their liberty to sell the currency at any time by going to the money exchange merchant or the bank.  The transaction is done the same way as cash payments.  Supercomputer updates the tourist account and the accounts of money exchange merchant or the bank. 

Next Topic:  The Financial System II

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